According to Zacks, “Incyte’s dependence on a single product, Jakafi, for growth is concerning. While we are positive on the company’s efforts to expand Jakafi’s label, any development/regulatory setback could pull down the stock significantly. In addition, Jakafi could face competition from generic products. Also, most of its pipeline candidates are in early-to-mid stages of development, and hence their approval is likely to take time. Iclusig also faces intense competition. Moreover, estimates for 2017 have come down in the last 30 days. Collaborations with companies like Novartis, Lilly and Merus provide it with funds in the form of upfront, milestone and other payments.”
INCY has been the topic of a number of other reports. JMP Securities reissued an outperform rating and set a $130.00 price objective on shares of Incyte in a report on Wednesday, January 18th. BMO Capital Markets reissued an outperform rating and set a $149.00 price objective (up from $135.00) on shares of Incyte in a report on Thursday, February 16th. Vetr raised shares of Incyte from a buy rating to a strong-buy rating and set a $133.50 price objective on the stock in a report on Monday, January 30th. Credit Suisse Group AG assumed coverage on shares of Incyte in a report on Monday, January 23rd. They set an outperform rating and a $137.00 price objective on the stock. Finally, Cowen and Company reissued an outperform rating on shares of Incyte in a report on Wednesday, March 8th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $139.40.
Incyte (NASDAQ:INCY) traded down 0.11% during mid-day trading on Tuesday, hitting $122.98. The company had a trading volume of 996,303 shares. Incyte has a 1-year low of $68.03 and a 1-year high of $153.15. The firm has a market capitalization of $23.29 billion, a PE ratio of 227.74 and a beta of 0.78. The company has a 50 day moving average of $138.77 and a 200 day moving average of $114.39.
Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 14th. The biopharmaceutical company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by $0.09. The company had revenue of $326 million for the quarter, compared to analysts’ expectations of $324.90 million. Incyte had a net margin of 14.71% and a return on equity of 50.38%. Incyte’s quarterly revenue was up 33.9% compared to the same quarter last year. During the same period last year, the firm earned $0.29 earnings per share. Analysts predict that Incyte will post ($0.08) earnings per share for the current fiscal year.
In other Incyte news, Director Paul A. Friedman sold 50,000 shares of the company’s stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $148.72, for a total value of $7,436,000.00. Following the completion of the transaction, the director now owns 302,976 shares in the company, valued at $45,058,590.72. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jean Jacques Bienaime acquired 1,000 shares of the firm’s stock in a transaction on Friday, April 7th. The stock was purchased at an average price of $139.48 per share, with a total value of $139,480.00. Following the transaction, the director now owns 2,177 shares of the company’s stock, valued at approximately $303,647.96. The disclosure for this purchase can be found here. In the last quarter, insiders sold 127,571 shares of company stock valued at $18,145,772. Insiders own 13.70% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Incyte by 1.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,322 shares of the biopharmaceutical company’s stock worth $133,000 after buying an additional 22 shares during the period. Ngam Advisors L.P. increased its position in shares of Incyte by 0.4% in the third quarter. Ngam Advisors L.P. now owns 11,898 shares of the biopharmaceutical company’s stock worth $1,122,000 after buying an additional 47 shares during the period. Mn Services Vermogensbeheer B.V. increased its position in shares of Incyte by 1.7% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 4,328 shares of the biopharmaceutical company’s stock worth $408,000 after buying an additional 72 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Incyte by 1.0% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 11,567 shares of the biopharmaceutical company’s stock worth $1,090,000 after buying an additional 114 shares during the period. Finally, HighTower Advisors LLC increased its position in shares of Incyte by 1.2% in the third quarter. HighTower Advisors LLC now owns 13,226 shares of the biopharmaceutical company’s stock worth $1,244,000 after buying an additional 159 shares during the period. Institutional investors and hedge funds own 92.62% of the company’s stock.
Incyte Company Profile
Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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